Outgoing Finance Minister Muravei Radev and Andrew Vorkink, country director for Bulgaria at the World Bank, signed an agreement last Thursday that will help the country’s agriculture industry grow.
The two projects Radev and the World Bank came to terms on will support farmers, entrepreneurs, small and medium-sized enterprises, and land owners. They are the Cadastre and Land Registration Project (33.5 million euros) and the second Agricultural Sector Adjustment Loan project (55.8 million euros) recently approved by the Board of the World Bank.
“Bulgaria possesses considerable wealth - its beautiful and productive land, of which more than 60 per cent is valuable for crop growing,” said Vorkink at the signing ceremony. “The World Bank is proud to support Bulgaria’s agriculture, which is one of the most important sectors in the economy,” he added.
The two projects - and the Cadastre in particular - will support the development of real estate markets. “Currently, 90 per cent of Bulgarians own land,” said Vorkink. “However, this property does not always bring benefits to its owners. We believe that this financing will activate the land market and therefore give a serious boost to increased investment in agriculture.
The development of the land market is a priority for Bulgaria in stimulating the agriculture, and for European Union accession, said Radev. The Cadastre and Land Registration project aims at changing the system of property registration from personal-based to parcel-based. The project will put order in the property information system and make data available to all agencies involved. Bulgarians will have easier and quicker access to the information needed for land transactions, thus saving time and money.
The second Agricultural Sector Adjustment Loan (ASAL II) project builds on the success of the ASAL I and provides for the continuation and speedy completion of reforms in the country. It supports the further comprehensive reform of agricultural sector policies. The project will improve the incomes of rural region producers, contributing to employment and an increase in living standards.
Since Bulgaria joined the World Bank in 1990, commitments to the country have totalled $1.54 billion.
The new Bulgarian government, which includes the National Movement Simeon II, can count on an initial World Bank loan of $50 million, said Vorkink on Friday, after meeting Simeon Saxe-Coburg, the formation’s leader. Vorkink promised that the WB would help the new government develop a strategy to eliminate corruption, a key element of the NMSII’s election campaign.
Ivan Kostov, the outgoing prime minister and Thomas O’Brien, World Bank resident representative, reviewed the bank’s programs and discussed the future projects for Bulgaria on Friday.
“Some three or four years ago, the programs in Bulgaria wouldn’t compare with the programs in other countries, and now they are among the best in Europe and Central Asia,” said O’Brien. Included on the list of successes are the five blood transfusion centres and municipal projects which have opened almost 40,000 jobs.
O’Brien said he hoped the World Bank program of active support would continue, adding steps have been taken to guarantee continuity with regard to the change in government.
The two projects Radev and the World Bank came to terms on will support farmers, entrepreneurs, small and medium-sized enterprises, and land owners. They are the Cadastre and Land Registration Project (33.5 million euros) and the second Agricultural Sector Adjustment Loan project (55.8 million euros) recently approved by the Board of the World Bank.
“Bulgaria possesses considerable wealth - its beautiful and productive land, of which more than 60 per cent is valuable for crop growing,” said Vorkink at the signing ceremony. “The World Bank is proud to support Bulgaria’s agriculture, which is one of the most important sectors in the economy,” he added.
The two projects - and the Cadastre in particular - will support the development of real estate markets. “Currently, 90 per cent of Bulgarians own land,” said Vorkink. “However, this property does not always bring benefits to its owners. We believe that this financing will activate the land market and therefore give a serious boost to increased investment in agriculture.
The development of the land market is a priority for Bulgaria in stimulating the agriculture, and for European Union accession, said Radev. The Cadastre and Land Registration project aims at changing the system of property registration from personal-based to parcel-based. The project will put order in the property information system and make data available to all agencies involved. Bulgarians will have easier and quicker access to the information needed for land transactions, thus saving time and money.
The second Agricultural Sector Adjustment Loan (ASAL II) project builds on the success of the ASAL I and provides for the continuation and speedy completion of reforms in the country. It supports the further comprehensive reform of agricultural sector policies. The project will improve the incomes of rural region producers, contributing to employment and an increase in living standards.
Since Bulgaria joined the World Bank in 1990, commitments to the country have totalled $1.54 billion.
The new Bulgarian government, which includes the National Movement Simeon II, can count on an initial World Bank loan of $50 million, said Vorkink on Friday, after meeting Simeon Saxe-Coburg, the formation’s leader. Vorkink promised that the WB would help the new government develop a strategy to eliminate corruption, a key element of the NMSII’s election campaign.
Ivan Kostov, the outgoing prime minister and Thomas O’Brien, World Bank resident representative, reviewed the bank’s programs and discussed the future projects for Bulgaria on Friday.
“Some three or four years ago, the programs in Bulgaria wouldn’t compare with the programs in other countries, and now they are among the best in Europe and Central Asia,” said O’Brien. Included on the list of successes are the five blood transfusion centres and municipal projects which have opened almost 40,000 jobs.
O’Brien said he hoped the World Bank program of active support would continue, adding steps have been taken to guarantee continuity with regard to the change in government.
